Financial News
MGM Growth Properties boosts dividend by 6.3%External Link

MGM Growth Properties LLC said Friday it will raise its quarterly cash dividend on Class A shares to 42 cents a share, up 6.3% from 39.5 cents a share. The new dividend will be payable Jan. 16 to shareholders of record on Dec. 29. Based on the real estate investment trust's Thursday stock closing price of $29.10, the new annual dividend rate of $1.68 would imply a dividend yield of 5.77%, compared with the SPDR Real Estate Select Sector ETF's implied yield of 3.80%. MGM Growth's stock, which was still inactive in premarket trad, has rallied 15.0% year to date, while the REIT ETF has gained 7.6% and the S&P 500 has climbed 18.5%.

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Fri, 15 Dec 2017 13:55:08 GMT
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Costco's stock jumps into record territory after analysts boost price targets after resultsExternal Link

Shares of Costco Wholesale Corp. shot up 2.9% toward record territory in premarket trade Friday, after the warehouse-club retailer's better-than-expected fiscal first-quarter results triggered a slew of price-target increases by Wall Street analysts. Of the 30 analysts surveyed by FactSet, 15 have raised their price targets. That raised the average target to $191.93 from $179.09 at the end of November. RBC Capital analyst Scot Ciccarelli raised his target to $202 from $191 and reiterated his outperform rating. "Costco not only has some of the best foot traffic growth we know of in retail, but is also gaining traction with its own e-commerce initiatives," Ciccarelli wrote in a note to clients. The stock was trading at $191.85 about 45 minutes before the open, above the Dec. 4 record close of $189.56 and the Dec. 5 intraday record of $191.22. The stock has rallied 16.5% year to date through Thursday, while the SPDR S&P Retail ETF has slipped 0.6% and the S&P 500 has gained 18.5%.

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Fri, 15 Dec 2017 13:47:56 GMT
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Alnylam shares surge 5% after FDA lifts hold on hemophilia drugExternal Link

Alnylam Pharmaceuticals Inc. shares rose 5% in pre-market trade Friday after the company said the Food and Drug Administration has lifted a hold on clinical trials for hemophilia therapy fitusiran. Alnylam said it and the regulator previously agreed on various ways to reduce risk for the trials, and the company expects to get back to dosing patients around the end of the year. In September, Alynlam said that it had suspended fitusiran dosing after a patient had a "fatal thrombotic event" in a phase 2 open-label extension study. (That study, along with a phase 3 trial, are among those that can now continue, the company said.) Alnylam and Sanofi are co-developing and co-commercializing fitusiran. Alnylam shares have surged 62.3% year-to-date, compared with a 18.5% rise in the S&P 500 and a 24% rise in the Dow Jones Industrial Average .

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Fri, 15 Dec 2017 13:32:12 GMT
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Ripple surpasses bitcoin cash for third most valued cryptocurrency, jumps above $30 billionExternal Link

Ripple coins, a popular business-focused cryptocurrency, on Friday surpassed bitcoin cash for the title of third most valued cryptocurrency. According to data and research site, Coinmarketcap.com, a single Ripple token was valued at around 77 cents and has jumped more than 230% this week alone to reach a market value at nearly $31 billion, eclipsing bitcoin cash at $28 billion. Bitcoin cash is a spinoff of core bitcoin that offers transaction processing at larger sizes. Ripple, which offers businesses a chance to use its blockchain technolody, or digital-ledger protocol to banks, has been accelerating in popularity in recent weeks alongside bitcoin's eye-popping rise. Although it isn't the first time that Ripple has been the third most popular coin by market value, it is the first time its value has exceeded $30 billion. The crypto asset is behind Ethereum, the second most popular cybercoin at $64 billion and core bitcoin at nearly $300 billion.

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Fri, 15 Dec 2017 13:12:53 GMT
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Fitbit stock falls as Stifel Nicolaus sees 'no sightlines to profitability'External Link

Shares of Fitbit Inc. fell 5.7% in premarket trading Friday after analysts at Stifel Nicolaus downgraded the stock to sell. "With the stock market near all-time highs, no visibility to monetization of healthcare opportunities, and no opportunity for Fitbit to benefit from corporate tax reform, we cannot advocate owning Fitbit shares," wrote the analysts, led by Jim Duffy. He sees "no sightlines to profitability" unless Fitbit is able to "drastically" reduce costs or generate enough demand for its newer products to compensate for weak interest in basic fitness trackers. Given Fitbit's gross margins, Duffy thinks the company would need to deliver revenue growth in the mid-teens in order to break even, which he deems a "high hurdle" given estimated holiday performance. Separately, analysts at Morgan Stanley on Thursday pointed to "continued inventory build" for Fitbit's new Ionic smartwatch and suggested that the company's older watch, the Blaze, could actually outsell it this holiday season. Fitbit has been trying to appeal more to healthcare businesses so that it can become less reliant on device sales to consumers, but Duffy is skeptical. "While monetization avenues in the digital health space remain conceptually intriguing, realization of the opportunity has been underwhelming to date and there is nothing tangible to point to return on the associated R&D investment spending," he wrote. He set a price target of $6 on Fitbit shares. The stock is down 6.8% so far in 2017, compared with a 18% gain for the S&P 500 Index .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 15 Dec 2017 13:12:19 GMT
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